Exclusive Bitcoin (BTC) Approaches $60,000 — Will It Break Out?

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In Brief
  • Bitcoin is trading inside resistance at $59,500.

  • There is support between $56,500-$57,000.

  • BTC is nearing the top of a short-term impulse.

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The bitcoin (BTC) price has been increasing since bouncing on March 25. It’s currently reapproaching the $60,000 level.



While bitcoin is expected to reach a new all-time high, a short-term retracement is likely prior to the final breakout.

BTC Nearing All-Time High

BTC has been increasing since bouncing on March 25. Since then, it’s reached a high of $59,800 on March 31. 



Currently, the price is trading inside the $59,500 resistance area. This is the 0.786 Fib retracement level of the previous drop. 

Technical indicators have turned bullish. The MACD has given a bullish reversal signal and the RSI has crossed above 50. 

While the stochastic oscillator has yet to make a bullish cross, it’s very close to doing so.

BTC Chart By TradingView

Will It Break Out?

The six-hour chart shows that the $59,500 area is also a horizontal resistance level.

Both the MACD and RSI are bullish. Therefore, an eventual breakout from this area is expected.

The closest horizontal support level is found at $57,000.

BTC Chart By TradingView

The two-hour chart shows the first signs of weakness. 

The MACD has generated a triple bearish divergence. In addition, the RSI has generated some bearish divergence, though it’s still unconfirmed. 

A retracement could depend on the exact value of the top. However, if the local top is reached near $60,000, the first Fib support level would be found at $56,500.

BTC Chart By TradingView

Wave Count

A short-term wave count (highly speculative) suggests that BTC is nearing the top of a bullish impulse. 

While this is likely still a longer-term minor sub-wave one, BTC would be expected to correct soon. 

A potential target for the top of this move is found between $60,000-$61,000.

BTC Chart By TradingView

Conclusion

Bitcoin is expected to soon reach a new all-time high price. However, a short-term retracement could be likely prior to the final upward move.

For BeInCrypto’s previous bitcoin (BTC) analysis, click here.

Disclaimer

All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.
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Valdrin is a cryptocurrency enthusiast and financial trader. After obtaining a masters degree in Financial Markets at the Barcelona Graduate School of Economics he began working at the Ministry of Economic Development in his native country of Kosovo. In 2019, he decided to focus full-time on cryptocurrencies and trading.

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